2198 Crisman Rd

Portage, IN 46368

$278,000F

2 bd · 2.5 ba · 2,856 sqft · Built 1950 · SingleFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,412/mo
• Mortgage (P&I): −$1,458
• Tax + insurance: −$246
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $-588/mo
• Annual: $-7,051/yr
• Cap rate: 3.76%
• Cash-on-cash: -9.06%
• DSCR: 0.60
• 1% rule: 0.51%
• Cash to close: $77,840

Investor read

• This is a 2-bed/2.5-bath single-family listed at $278k.
• At list price, monthly cash flow is $-588 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (37.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (49.2% below list).
• It's been on market 62 days — a 6% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (49.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#111 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities F, commute F.
• Portage Township Schools (suburban): math 26% / reading 36% proficiency, ranked #221 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crisman Elementary School (math 34% / reading 32%, grade F, #639 of 994 statewide, top 65%, 373 students, 64% FRL); Willowcreek Middle School (math 19% / reading 31%, grade F, #247 of 330 statewide, top 76%, 949 students, 59% FRL); Portage High School (math 25% / reading 55%, grade F, #217 of 369 statewide, top 59%, 2,243 students, 55% FRL) — zoned schools average 60% FRL vs 44% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.3%/yr); 316 active listings in the ZIP; solid renter incomes; 542 units permitted in Porter County in 2024 (0 in 5+ unit buildings).
• Porter County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.